Reuters
China’s largest online audio platform, Ximalaya (喜馬拉雅), on Thursday said it would not proceed with its plans for an initial public offering (IPO) in the US.
The move comes after Reuters reported in May that China was pressing Ximalaya to drop its plans to list in the US and go for Hong Kong instead, showing how authorities are seeking to further tighten their grip over private media and Internet businesses.
Medical data group LinkDoc Technology Ltd (零氪科技) in July was the first Chinese company to shelve an IPO in the US due to Beijing’s clampdown on overseas listings by domestic firms.
Ximalaya, backed by China’s Tencent Holdings, had filed for an IPO in April.
Chinese and US regulators have been tightening their grip on US listings of Chinese tech firms over the past few months.
Last month, Reuters reported that China was framing rules to ban Internet companies whose data poses potential security risks from listing outside the country.
The US Securities and Exchange Commission also began issuing new disclosure requirements to Chinese companies that are looking to list in New York, in an effort to boost investor awareness on the risks involved, Reuters reported last month.
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